Tata Technologies has said that it is due to hold a board meeting on July 18 to discuss and release the financial results for the quarter ended June 30, 2024.

What Happened: The company announced the date for the board meeting through an exchange filing on Thursday. This will be the Tata Group company’s third quarterly result announcement after going public last year.

Last month, Goldman Sachs initiated coverage on Tata Technologies with a "sell" rating and set a target price of ₹900.

Q4 Results: In the last quarter, the firm's consolidated net profit declined by 27% on a year-on-year basis. Its net profit stood at ₹157 crore for the quarter that ended on March 31 against ₹216 crore in the same period the previous year. The company’s revenue from operations dropped by 7.7% to ₹1,301.05 crore in the quarter from ₹1,402 crore the year before.

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Tata Technologies attributed the decrease in services revenue to the expected reduction in business activities with VinFast, one of its significant clients. The company had then said it anticipated continued reduction from Vinfast in the upcoming quarter as well.

Price Action: Tata Technologies was trading almost flat on Thursday afternoon. Shares were up 0.02% at ₹1,009.95.

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